China Development Bank (CDB) and Sri Lankan Finance Ministry on Monday signed USD 500 Million Foreign Currency Term Financing Facility (FTFF), which is the second tranche of the total RMB 2 billion plus USD 1 billion FTFF supported by the Chinese side to Sri Lanka after the outbreak of COVID-19 pandemic.
Earlier in March, the two Central Banks also entered into a bilateral currency swap agreement amounting to CNY 10 billion (approximately US$ 1.5 billion) valid for a period of three years, with a view to promoting bilateral trade and direct investment for eco-social development of the two countries. This FTFF was requested by the Sri Lankan government under the current financial situation in the island nation and the background of fighting COVID-19 pandemic with all-out efforts. It is with a maturity period of ten years (including a grace period of three years), which is the longest tenure of term financing facilities for Sri Lanka.
The Monetary Board of the Central Bank has decided to suspend the business of Swarnamahal Financial Services PLC (SFSP) with effect from today. Having considered the continuously deteriorating financial condition and non-availability of a viable revival plan, the Monetary Board decided to suspen
Forex Market The USD/LKR TT buying and selling exchange rates on 12th April 2021 were marked at LKR 199.15 and LKR 203.73 respectively. The indicative USD spot exchange rate that depicts the average rate of all USD/LKR spot transactions that were executed throughout the previous business day in the local inter-bank foreign exchange market was recorded at LKR 199.91.
Under the precious metals category, Gold prices were recorded at LKR 347,700.46 per XAU. This is an appreciation to the previous business day’s rate of LKR 350,478.76. Share Market The ASPI increased by 134.09 bps today to 7,558.28 while S&P SL20 closed at 3,064.65 with an increment of 145 bps to the previous business day. Total Equity turnover for the day was recorded as LKR 3.51 bn. 99% of the daily equity turnover was composed of domestic purchases while only a 1% accounted to foreign purchases. It was also observed net foreign purchases were negative with a value of LKR 507.24 Mn.
Under the directive of President Gotabaya Rajapaksa, the Foreign Ministry reviewed the entry procedure today, 06 April 2021, as a measure of relief for prospective Lankan returnees.
Under the new procedure, Sri Lankans, dual citizens who travel on Sri Lankan passports, spouses and unmarried child
Food inflation has risen over the last year, although the overall inflation is low. According to the National Consumer Price Index, overall prices rose by 3.7% between January 2020 and January 2021, but food inflation rose by 5.9%.
While this is a matter of concern to the public, items like turmeric and green gram, which made the news after rising to dizzying heights tend to steal the spotlight. While Sri Lankans appreciate a good plate of rice and curry, the cost of this essential meal is something that must be discussed.
‘Bath Curry’, or commonly known as rice and curry, is something that all Sri Lankans can immediately identify with. The ‘Bath Curry Indicator’ (BCI) by the Advocata Institute is a Sri Lankan spin on the infamous ‘Big Mac Index’ by The Economist. It simply tracks prices of a limited basket of goods that are consumed in Sri Lanka, and provides an indication of how much prices have changed over time.